2 Feb 2013

Australian Superannuation tax concessions WHO GET'S WHAT.

The amount of tax concessions given to the top 25% of income earners is becoming an embarrassment, it's almost obscene!

The top 5% of high income earners get 25% of all the tax concessions, that's about $8 billion, they really are doing it tough.

Next in line is the next top earners 20%, this group get 57% of all concessions, they believe they are entitled to more.

Most of these people have self managed super funds.

As for the remaining 75% of the people, they must make do with sharing the meagre 18% in concessions remaining.

A Treasury update on tax concessions shows the cost of the super tax breaks will rise from $31.8 billion in 2012-13 to $44.8bn in 2015-16.
In 2015-16, the revenue sacrificed in superannuation tax concessions to the most wealthy could exceed the outlays on the age pensions.
Treasury is particularly concerned and so they should be, about the revenue that will be lost as a result of the generous concessional 15 per cent tax rate on super fund earnings.

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